Firmware and hardware security startup Eclypsium Inc. today announced it has raised $25 million in new funding to expand its product capabilities and continue its supply chain security research.

Ten Eleven Ventures led the Series B round, with KDDI Open Innovation Fund, J-Ventures, Andreessen Horowitz, Madrona Venture Group, Alumni Ventures, AV8 Ventures, Intel Capital, Mindset Ventures, Oregon Venture Fund, Translink Capital and Ubiquity Ventures also participating.

Including the new funding, Eclypsium has raised $50 million to date. As part of the new funding, Alex Doll, co-founder and managing general partner of Ten Eleven Ventures has joined the board.

Founded in 2017, Eclypsium offers a device security platform designed to defend unguarded firmware and hardware infrastructure in modern enterprises. The platform protects the firmware and hardware layers of critical laptops, services and network infrastructure by proactively finding weaknesses, enabling users to mitigate the risk and defend against threats.

Eclypsium cites recent reports that 80% of organizations have experienced a cyberattack from vulnerabilities in their supply chain, with such attacks doubling over 2022. The company argues that device software and firmware have emerged as the leading source of attacks, accounting for almost a quarter of “Known Exploited Vulnerabilities” published by the Cybersecurity and Infrastructure Security Agency.

The company tackles the issue by ensuring every device is continuously protected against supply chain risk by identifying, verifying and fortifying firmware code throughout the enterprise. Eclypsium’s platform is offered on a software-as-a-service basis with low or no overhead, providing the information needed by users without extra noise or useless alerts.

Eclypsium’s products include protection for endpoints, servers, network devices and platforms, and integrations. Along with security supply chains, the service also strengthens ransomware defenses against off-the-shelf attack kits and exploits against network-facing appliances.

The company says it has seen strong growth since last raising venture capital in December 2019, with annual recurring revenue growing by 35 times and its customer base by a multiple of 13, though it didn’t disclose absolute numbers.

“The complexity and dependency on global supply chains of critical hardware and software has created an attractive and rapidly growing playing field for threat actors, whose goal is to achieve maximum detrimental impact, across as many organizations at once,” Yuriy Bulygin, co-founder and chief executive of Eclypsium, said in a statement. “As such, we are seeing a shift in focus as organizations evaluate their defense approaches and move towards the zero-trust principle in protecting their devices and supply chains.”

Image: Eclypsium